$50 Million Australian ICO has been ‘Shut Down’

Global Tech Exchange (GTE), the Australian start-up company announced on 10/22/2018 that they have ceased operations due to Australian Securities and Investments Commission (ASIC) ICO guidelines.

GTE’s ICO fundraising goal was $50 million. Their ICO launched in Summer of 2018 with the goal of creating an education-based trading and exchange platform according to Business Insider Australia. The ICO start-up was quick to gain popularity when former cricket star and now celebrity Michael Clarke endorsed them back in August 2018. Because of Clarke’s popularity, GTE was sure to state on their website today that he is no longer associated with GTE.

The reason for the ICO’s cease of operations is yet to become clear. ASIC has not yet commented on the ICO’s closure and reasoning behind it despite Business Insiders request. It has been found that GTE voluntarily applied with ASIC to end it’s ICO.

GTE states on their website that all investments have been returned to investors.

GTE’s website is amongst 6 other ICO’s to be ‘shut down’ but ASIC since April according to CoinTelegraph. The other 5 ICO’s are reportedly reconstructing and will go live once again once their programs coincide with ASIC’s regulations.

ASIC is also looking to further increase security against ICO threats by revising their current guidelines.

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